Ministry of Higher Education has decided to lower the administration fee of higher education and training loans to 1%.
Minister of Higher Education Dr. Ibrahim Hassan said the decision to lower the administration fee of student loans to 1% would ease some of the burdens on students repaying the loans. He expressed hope this would enable students to repay the loans after completing their education, in accordance with the agreement signed prior to commencement of studies. He added repayment of the loans is necessary to ensure higher education loans can be provided to more students in the future.
With the decision to lower the administration fee of student loans, the higher education ministry will be coordinating with the Bank of Maldives (BML) to bring this change to the repayment amount of student loans. Individuals who have acquired a student loan through the higher education ministry and BML are required to submit an email request to the higher education ministry to implement the reduction of the administration fee.
During the first year of the current government, the administration fee of student loans was reduced from 5% to 3%. The reduction of this fee to 1% is expected to bring another significant reduction to the repayment amounts of the loans.